A lot of the popular areas in Charleston proper that are not licensed under the old laws now require the owner to live on the premises to obtain an STR license.

Additionally, lenders may require a release price (a specific amount to pay down the loan) for each property sold, which can complicate the strategy.It’s worth discussing these details with a trusted lender or mortgage broker to ensure the plan aligns with the loan’s terms.

Do my 3 associates need to create a LLC to be able to do these renovations or can any individual do them, as long as proper permits are pulled? 

Crossing the lines may not provide proper liability protection.Personally, I just kept my SF rentals in my name and got excellent insurance coverage, $500K per property plus a $2M umbrella.

Do a bit of digging, and you can find single-families in suburbs like Decatur or Meridianville that appreciate at rates above the statewide and nationwide average and hit the 1% rule at the same time.One caveat, though, is that most rentals in Huntsville proper probably aren’t going to deliver the cash flow you’re looking for.

Take ownership of your mistake and learn to do the proper due diligence recommended above😊

The most important thing is to ensure your loan is covered in the event of a loss.  

I would ensure that she receives the necessary notices as required by your city.

Form 3115 Correction – Filing this avoids IRS scrutiny while ensuring compliance.2.

They don't know how to properly qualify an investor.Check around before making a decision.